Alice Kane, WalletHub Analyst
@Alice_K
The American Express Cash Magnet® Card interest rate is 18.74% - 29.74% (V), with the actual rate depending on factors such as your income, credit history and existing debt. The Amex Cash Magnet Card card also offers new cardholders an introductory interest rate of 0% for 15 months on purchases and balance transfers. After the card’s intro rate expires, the regular interest rate applies to any remaining balance. The regular Amex Cash Magnet Card interest rate is variable, meaning it can change based on certain economic conditions.
The Amex Cash Magnet Card gives you a 25 day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your Amex Cash Magnet Card, it will accumulate interest daily at the card’s regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.
In addition to the regular interest rate, Amex Cash Magnet Card also charges a separate 29.99% (V) interest rate on cash advances and a penalty rate for late payments. All Amex Cash Magnet Card card interest rates will be listed on your statement and on your online account summary.
All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card may no longer be available to new applicants.
People also ask
What is the American Express Cash Magnet Card credit score requirement?
The American Express Cash Magnet® Card credit score requirement was good credit or better. Unfortunately, this card is no longer available to new applicants.
read full answer by Alice Kane, WalletHub AnalystIs American Express Cash Magnet a cash back credit card?
Yes, the American Express Cash Magnet® Card is a cash back credit card, which gives 1.5% cash back on purchases and has an annual fee of $0. The Amex Cash Magnet Card also offers an initial bonus of $200 for spending $2,000 in the first 6 months after opening an account. Once you earn cash back on your Amex Cash Magnet Card, you can redeem it for a statement credit.
If you’re on the fence about whether or not to apply for the Amex Cash Magnet Card, check out WalletHub’s...
read full answer by Adam McCann, Financial WriterHow much is the American Express Cash Magnet Card foreign transaction fee?
The American Express Cash Magnet® Card foreign transaction fee is 2.7%. This means American Express will add a 2.7% surcharge anytime you use the American Express Cash Magnet® Card outside of the United States. The fee also applies to online purchases made through an internationally-based merchant.
To learn more, refer to our guide on foreign transaction fees and our editors’ picks for the best credit cards without foreign fees.
All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card may no longer be available to...
read full answer by Ashley Wade, WalletHub AnalystDid we answer your question?
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